Wolters Kluwer Financial Services announced [on Tuesday] a new version of its AppOne indirect loan origination platform for automotive, marine, powersports and recreational vehicle dealers. The latest version enhances the self-service capabilities for dealers to facilitate with financial institutions, integrate third party applications, such as dealer management systems, and take credit applications securely online.
“Increasing regulatory oversight on lenders has heightened the importance for franchise, independent and buy-here-pay-here dealerships to use accurate and compliant loan documents and processing workflows,” said Brad Fleener, senior director and general manager, Indirect Lending, Wolters Kluwer Financial Services. “With mistakes resulting in potential financial penalties for lenders and harm to the consumer, dealers need to ensure their loan documents meet regulatory and legal standards to avoid damaging their lender relationships.”
AppOne provides dealers with a consolidated online platform to manage the loan origination process through application to funding. Dealers have access to electronic federal and state compliant loan forms and can upload consumer verification documents directly to the platform to share with lenders. To help dealers sell a loan package, AppOne provides dealers access to an exclusive lender network.
The new version of AppOne improves on these capabilities with expanded self-service features for dealers, including:
- Form Management:Provides dealers the capability to easily create lender specific document sets to ensure current versions of the forms are delivered efficiently to the lender every time.
- Lender Management:Allows dealers to view and manage their preferred lender lists on a single page, including AppOne network lenders, lenders participating in third party networks and lenders manually added to the platform.
- Third-Party Application Integration:Enables dealers to easily manage the connectivity and transfer of data from dealer management systems, credit bureaus and warranty providers through single click configuration.
- Online Credit Application:Gives dealers the ability to offer an online credit application on their website and to securely collect consumer credit information directly into AppOne.
Other updates to AppOne include enhancements to help dealers comply with Regulation B requirements that automotive dealers verify loan applications that are joint and co-signer. AppOne prompts the dealer to verify the information and populates the required loan documentation for dealers to send to lenders electronically or by fax. AppOne’s graphic user interface (GUI) has also been refreshed to improve user navigation.